So while the current 4.5% to 4.75% target range is the highest the country has had since October 2007, Goldman Sachs and Bank of America expect three more interest rate hikes before the end of 2023. They expect interest rates to go as high as 5.25% to 5.5%.This is not good news for the stock market, which has been awful under President Joe Biden. It will likely slow economic activity but help curb America's paycheck-eating inflation.
This month, high-yield savings accounts offer average annual interest rates near or above 4%. Goldman Sachs, for example, offers a 3.75% interest rate, and people generally have access to their money when they want it. If the Federal Reserve hikes interest rates three more times, high-yield savings accounts and other options will have even better interest rates for consumers than they do now.
Some of these high-yield savings accounts and CDs have no minimum balance, meaning you do not have to be rich to make some extra money — or take a risk that the company you want to invest in goes bankrupt.
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